The 30-year fixed averaged 5.03 percent during the week ending March 12, down from 5.15 percent last week and 6.13 percent a year ago. That's very close to January's all time recorded low of 4.96 percent. Rates have drifted up and down only by about one-quarter of a percent in the first months of this year.

The 15-year averaged 4.64 percent, down from 4.72 percent a week earlier and 5.60 percent this time last year. A weaker jobs market may slow consumer spending and keep inflation at bay," said Frank Nothaft, Freddie Mac vice president and chief economist.

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